The UK has been ranked eighth in the world for talent competitiveness, according to a new global report measuring countries’ ability to attract, retain and grow talent.

At eighth place in the Global Talent Competitiveness Index (GTCI), the UK ranks strongly in the enable, attract, grow and global knowledge skills variables which are measured in the report. The UK’s strong pool of global knowledge skills and ability to attract talent with its good external openness is boosted further by its strong regulatory, market and business landscape. But this is undermined by its internal openness, where the UK is still lagging behind, especially when it comes to gender equality.

Produced by the world’s leading workforce solutions provider, The Adecco Group, together with international business school INSEAD and Tata Communications, the GTCI looks at 68 discrete variables. Ranging from collaboration within organisations and foreign direct investment to the gender pay gap, labour productivity and university rankings, these variables help determine a country’s ‘talent competitiveness’ – the ability to attract, develop and retain skilled workers, thereby supporting productivity and prosperity.

Now in its fifth year, the 2017-2018 GTCI comes at a time of continued political and economic uncertainty and change, when attracting and retaining top talent is more important than ever for businesses to survive and compete. The 2017-2018 report, which evaluates 119 countries, aims to provide decision-makers across business and government with the tools to drive talent competitiveness. Specifically, it suggests that by creating a truly diverse and inclusive corporate culture companies can gain a competitive advantage that will enable them to not just better attract and retain talent, but create a high performing workforce.

The report also explores the role of diversity as a source for innovation and prosperity in labour markets, finding that countries with greater diversity and inclusion will be best placed to achieve the performance and agility required to innovate and remain competitive in today’s fast paced and ever evolving global economy. The GTCI investigates how countries can go beyond compliance to genuinely instil a culture of diversity, including the need to change policies and practices in companies, governments and civil society.

Now in its second year, the Global Cities Talent Competitiveness Index (GCTCI), a ranking of 90 cities according to their talent competitiveness, features London (14) in the top 20. The remaining cities in the UK – Cardiff (36) and Birmingham (38) – ranked in the top 50% of cities.

As the UK is not expected to officially leave the EU until March 2019, it remains to be seen whether Brexit will impact the UK’s competitiveness ranking.

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